We present the third stage of the phased financing project "Rykantu namai". The project funds will be allocated for the development of real estate. The amount to be raised at this stage is EUR 44 300.
About the project owner:
The project owner's company has been engaged in real estate development for 9 years. The owner has the status of a reliable developer and has experience in the construction of houses and two-apartment houses. Previously, the project owner successfully implemented 8 real estate projects on the Profitus platform and always paid interest on time and repaid loans to investors.
About the project:
4 residential houses of A ++ class were built in the project (three houses, at Rykantu st. 1, 3, 7, Vilnius, have already been sold). The remaining house under construction at Rykantu st. 9, Vilnius, 157.19 square meters, with heated floor system, 8.96 acres of land plot and outdoor terrace. The infrastructure will be developed in the area: the road will be paved and lighting installed. The house built will be sold for EUR 250 000. Construction work is expected to be completed by June 20, 2022.
Progress of the project:
After the second stage, the project owner sold 3 houses at Rykantu st. 1, 3, 7, Vilnius and returned EUR 133 400 to investors. Address Rykantu st. 9, Vilnius, the roof was insulated and the roof was covered, windows, doors and garage doors were installed.
To secure the interests of investors, real estate is pledged with a primary mortgage:
To secure the interests of investors, an 8.96-acre plot of land is being pledged, with a residential building under construction at Rykantu st. 9, Vilnius. According to an independent real estate appraiser, Ober-Haus, the value of the mortgaged property is EUR 121 000.
The maximum amount financed is EUR 400 000. The project is financed according to the current valuation of the mortgaged property until it reaches the set maximum LTV - 70%. Once the maximum LTV is reached, a new valuation of the property will have to be performed and further stages of the Project financing will be announced and collected only if the set maximum LTV is not exceeded. The loan-to-value ratio (LTV) is currently 60%.
Interest by investment amount:
- From EUR 100 to EUR 499 - 9,5%
- From EUR 500 to EUR 4 999 - 10%
- From EUR 5 000 - 10,5%
Important: separately made investments are not aggregated.
We plan to collect the accumulated amount within 7 days with the possibility to extend it to 21 days without raising funds.
About the Profitus
Profitus is a crowdfunding and investment platform whose main goal is to make investment available to everyone. Investments start at 100 euros, and the platform is open 24/7. Investments are secured by pledging real estate and other collateral (e.g., indemnity or warranty). Different projects have different security tools that users can access in self-service for each project.
Profitus consults with the Bank of Lithuania in order to ensure perfect compliance with the law. Monetary operations on the platform are carried out in cooperation with Paysera and Trustly. The risk relating to the project and project owner are assessed on the basis of information provided by Creditinfo.
